CBEX resumes operations despite SEC ban

The Crypto Bridge Exchange (CBEX) trading platform, accused of scamming Nigerians, has resumed operations and introduced new withdrawal options to restore investor confidence

Despite ongoing investigations into an alleged N1.3 trillion digital trading fraud affecting over 600,000 Nigerians, CBEX is allowing new users to register, trade, and withdraw profits.

According to CBEX sources, an insurance verification process and external audit of CBEX’s financial records are underway to determine the actual amount lost.

The sources claimed that old investors will be able to withdraw funds starting June 25, 2025, after the audit’s expected completion.

Meanwhile, new users can currently register, fund accounts, and withdraw profits without restrictions, as these accounts are not subject to the ongoing audit.

The platform’s promoters also refute allegations of fraud, claiming funds remain intact and the audit aims to reconcile discrepancies in old accounts.

They attribute the loss to an AI trading incident and assert that the platform is insured.

Meanwhile new investors can participate in a referral program, earning bonuses that can be withdrawn immediately.

One of the sources said, “People can now withdraw from the CBEX platform. The withdrawal option has been activated. Let me explain the withdrawal. The old account was wiped; you can’t take out funds from it yet. On the 14th of this month, the Artificial Intelligence on the platform traded 100 per cent, lost its trade, and wiped people’s money out.

“But now, the promoters are saying that the platform and the CBEX application are insured, with verification of funds ongoing by the insurance company. Now, previous investors who have $1,000 as their capital would have to inject $100, and the former account balance would be restored, while persons with over $1,000 would have to put in $200 to bring back the account balance. And we have started seeing people put in these funds to get back their money, and are using it to trade now, as I talk to you.

“According to the latest information shared, previous investors can only trade but not withdraw because the United Kingdom government is carrying out an audit on their financial account, which will be completed between 30 to 60 days. Hence, the reason why previous investors cannot withdraw their funds yet.

“But from June 25th, you can now withdraw up to 50 per cent of your capital from the old account. For example, if you invested $1,000 and you could only withdraw $200 before, from the 25th, you can withdraw $400 from the remaining $800 capital, then from August 25th, you can withdraw the remaining $400 capital. But if you don’t do the verification, it won’t reflect in your account.”

Another source said: “Currently, fresh investors can register a new account, fund it, and withdraw their profit. The new accounts are not under audit. It is the old account that is under review.

“What they are auditing is because the Federal Government said they scammed Nigerians of N1.2tn, and they are insisting that the amount is not up to half of the publicised amount. They are claiming only N126bn was lost, and that is the reason for the audit. But new accounts can now start investing and get their money. There is also a bonus for referrals that you can withdraw immediately, and this is ongoing currently.

“They just want to prove to Nigerians that they are not scammers. It was just because AI traded 100 per cent of the funds that the money was lost. There is a new group where people can say whatever they want to say; they also drop signals for trading three times a day, but it is no longer automated; you have to do it by yourself. They would give you a code; you just have to put it in your account and trade. If you notice any abnormality, you can cancel it. That was how it was before AI started doing the trading,” the source stated.

The EFCC has declared eight individuals wanted for promoting the program, and investigations are ongoing.

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